Product sheet East Capital Russian Fund

East Capital Russia Monthly Factsheet 31 January 2017

Performance (SEK)

Fund Manager

2000

Peter Elam Håkansson, Founding Partner, Chairman and Chief Investment Officer, leads the investment teams of East Capital. Peter has 27 years experience in the industry. Read more at www.eastcapital.com/Corporate/Funds/Theteam/

1500

1000

Investment objective The East Capital Russia is a so called feeder fund which invests in shares of its equivalent master fund, domiciled in Luxembourg. The investment objective of the Master Fund is to provide long-term capital growth on your investment by investing in shares of companies located in Russia. Long-term perspective, fundamental analysis and active selection of equities are three main pillars of our investment philosophy.

Lower risk

Higher risk

Typically lower rewards

2

Typically higher rewards

3

0

-500 1998 1999 20002001 200220032004200520062007200820092010 2011 2012 2013 2014 2015 2016

YTD

East Capital Russian Fund Benchmark 1

Risk and reward profile

1

500

4

5

6

7

Cumulative performance (%)

1 mth 3 mth 6 mth YTD

3 yr

5 yr

Since inception

Fund

-0.1

15.6

36.2

-0.1

75.5

14.0

-1.9

1,141.6

Benchmark

-2.1

15.0

29.5

-2.1 60.3

30.4

12.9

624.6

Calendar year performance (%)

Fund facts

1 yr

2016

2015

2014

2013

2012

Fund

72.9

6.8

-45.0

2.5

8.0

Benchmark

66.4

5.7

-31.0

-0.5

7.9

Type

UCITS

Domicile

Sweden

Annualised performance (%)

3 yr

5 yr

Since inception

Launch date

18.05.1998

Fund

4.5

-0.4

14.4

NAV valuation

Daily, forward pricing

Benchmark

9.3

2.5

11.2

Benchmark

MSCI Russia 10/40 Index

Distribution policy

Accumulating

Portfolio characteristics2

Fund

Benchmark

Management fee

2%

Volatility (%)

29.5

27.0

Ongoing charge

2.53%

Sharpe ratio

0.3

0.5

Performance fee

No

Tracking error (%)

9.4

-

Max subscription fee

0%

Information ratio

neg.

-

Max redemption fee

0%

Minimum investment

SEK 200

Financial ratios

Fund

Benchmark

Cut-off time

15:00 CET

P/E (12 months forward)

10.1

9.2

NAV per unit (31.01.2017)

SEK 1,224.32

EPS growth (past 3 year earnings growth)

-2.4

2.6

Fund size (31.01.2017)

SEK 5,581 m

Prospective dividend yield

6.7

7.4

Number of holdings

45

ISIN

SE0000777708

Bloomberg

EACRUSS

Valoren

1341983

WKN

-

Countries of registration

FI, FR, NO, SE

Large Cap.

UK Reporting status

No

EUSD status (distribution & redemption)

out of scope

Medium Cap.

East Capital is a signatory of the United Nations-supported Principles for Responsible Investment – an international initiative where investors can collaborate to understand and manage environmental, social and governance related factors in their investment decision making and ownership practices. Read more at www.unpri.org.

1 2

Market capitalisation breakdown 37.4%

Giant Cap. 24.2% 23.4% 14.5%

Small Cap. Micro Cap.

0.5%

RTS Index until 30.06.2010, MSCI Russia Index from 01.07.2010 until 30.06.2016. MSCI Russia 10/40 Index from 01.07.2016. Risk measures of the funds and their indices are based upon monthly data from the latest 3 years. The Sharpe ratio is based on an annual risk free rate of return.

East Capital Russia

10 largest holdings

Main active positions compared to benchmark

Company Sberbank

% of the portfolio 9.0

Company X5 Retail Group

8.8

Aeroflot Russian Airlines

4.6

Gazprom

7.4

Bank of St.Petersburg

3.8

Alrosa AO

6.5

Yandex

3.2

X5 Retail Group

5.3

Etalon

3.0

Aeroflot Russian Airlines

4.6

Novatek

4.4

Rosneft

4.2

Lukoil

Bank of St.Petersburg

3.8

Sistema

3.6

Total

57.6

Overweight (%) 5.3

Company Magnit

Underweight (%) -4.6

Inter Rao

-4.6

Norilsk Nickel

-4.3

Transneft

-4.2

VTB Bank

-3.9

Sector breakdown Sector

% of the portfolio

Energy

29.0

Financials

15.9

Materials

13.8

Consumer Staples

10.3

Industrials

7.0

Telecom Services

6.5

Real Estate

5.8

Information technology

4.5

Consumer Discretionary

2.7

Utilities

0.5

Health Care

0.0

Cash

3.9

Compared to benchmark -11.2 -1.9 -3.6 2.2 7.0 -1.2 5.8 4.5 2.7 -8.3

Important notice

0.0

The Fund is an investment fund established according to the Swedish Investment Funds Act (2004:46) (UCITS IV) and is managed by East Capital Asset Management S.A. which is a regulated fund management company supervised by the Luxembourg Financial Supervisory Authority (CSSF). The custodian of the assets is Skandinaviska Enskilda Banken AB (publ), Stockholm. The information in this document shall not be regarded as an offer, solicitation or recommendation for an investment. This publication is not directed at you, if we are prohibited by any law of any jurisdiction from making this information available to you and is not intended for any use which would be contrary to local law or regulation. You can find a list of countries where the fund is registered for public offering and distribution in this factsheet. The Fund may not be offered, sold or distributed in the United States to US citizens or residents of the United States, unless such offer, sale or distribution is made in accordance with any applicable exemption from any registration requirements provided by the United States securities laws. Prospective investors should inform themselves as to: (a) the legal requirements within their own jurisdictions for the purchase and holding of shares; (b) any foreign exchange restrictions which may affect them; and (c) the income and other tax consequences which may apply in their own jurisdictions relevant to the purchase, holding or disposal of shares. Every effort has been made to ensure the accuracy of the information herein, but it may be based on unaudited or unverified figures and sources. Historic yields are no guarantee for future yields. Fund shares can go up or down in value, and investors may not get back the amount invested. The performance data do not take into account the commissions and costs incurred on the subscription and redemption of shares. Before investing, please read the prospectus carefully. Full information such as the prospectus, key investor information documents, the articles of incorporation, the annual report, the semiannual report and the portfolio movement can be obtained free of charge upon request from East Capital Asset Management S.A, 11 rue Sainte-Zithe L-2763 Luxembourg, from our website www.eastcapital.com, from all the local representatives or information agents, or from our distributors.

Stockholm Kungsgatan 33 Stockholm, Sweden Tel: +46 8 505 88 505 [email protected]

Dubai Office 1701D, Emirates Financial Towers, Dubai, UAE Tel: +971 4 279 0745 [email protected]

Paying agents

France: Centralising Correspondent is CACEIS Bank France, 1/3, Place Valhubert, 75013 Paris. Sweden: Paying Agent is SEB Merchant Banking, Custody Services, Global Funds, RB6, Rissneleden 100, SE 106 40 Stockholm. For all other countries please note that redemptions, subscriptions and settlement tasks are handled by EFA Transfer Agent in Luxembourg (fax for orders: +352 48 65 61 8002; email for contact: [email protected]). The Global Industry Classification Standard (“GICS”) was developed by MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by East Capital. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification. www.msci.com/products/indexes/sector/gics/ Source: MSCI. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, noninfringement, merchantability and fitness for a particular purpose) with respect to this information. www.msci.com/ Data source: Morningstar

Luxembourg 11 rue Sainte-Zithe Luxembourg Tel: +352 20 882 191 [email protected]

Hong Kong 9/F, Wyndham Place 40-44 Wyndham Street, Hong Kong Tel: +852 2669 6201 [email protected]

Oslo Kronprinsesse Märthas Plass 1, 4th Floor, Oslo, Norway Tel: +47 22 39 66 90 [email protected]